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Staving off California's financial meltdown will be the toughest role ever for Hollywood hero Arnold Schwarzenegger as he enters the last 18 months of his governorship.The most populous and often trend-setting U.S. state has racked up a $26.3 billion budget gap -- about a quarter of its total annual spending -- and could run out of cash this month if its books are not balanced.Financial woes in California, home to both Hollywood and high-tech hub Silicon Valley, are so severe that some state officials have begged Washington for financial aid.The state is resorting to issuing "IOU" notes to ...

The California state wallet is empty. The bank closed. Credit has dried up, Gov. Arnold Schwarzenegger told lawmakers in a special Tuesday morning address at the Capitol.“California’s day of reckoning is here,” he said. With no action, the state will run out of cash in 14 days. Three months after the state budget was approved, California faces a $24 billion deficit.Schwarzenegger has already proposed massive cuts to education, health care and prisons. Now he’s looking for structural reform to make government more efficient and stretch taxpayer dollars.He’s asked ...

Iconic bodybuilder, actor and politician Arnold Schwarzenegger is having really bad times now. The population of California rejected his package to balance the budget in the economically stricken state. A huge ‘black hole’ - $15 billion - appeared in the budget of California. The Californian electorate is seriously concerned about their governor.
Over 60 percent of the voters rejected five of the six budget proposals on the ballot as a result of the special election held on May 20. A sixth proposal, which bars pay increases for state officials, received the support of 74 percent ...